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Admission Fee Escrow Agreement - Phase II

This is an actual contract by Chestnut Partnership.

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Sectors: Real Estate
Effective Date: April 24, 1996
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Exhibit 10.8.4


ADMISSION FEE
ESCROW AGREEMENT - PHASE II
(THE CHESTNUT PARTNERSHIP)


THIS ESCROW AGREEMENT is made this 24th day of April 1996, by and between THE CHESTNUT PARTNERSHIP (the "Partnership") and THE FIRST NATIONAL BANK OF MARYLAND, a National Banking Association (the "Escrow Agent").


WHEREAS, the Partnership is the owner of a life-care retirement community known as "Blakehurst," located in Baltimore County, Maryland, and is a "provider" within the meaning of s 7 of Article 70B of the Annotated Code of Maryland.


WHEREAS, in order to comply with s 10(c) of Article 70B of the Annotated Code of Maryland and to protect the residents of Blakehurst - Phase II (the "Resident") the parties have entered into this Escrow Agreement setting forth the terms and provisions under which certain deposits will be made with the Escrow Agent.


NOW, THEREFORE, in consideration of the mutual covenants herein set forth, the parties agree as follows:


1. The Partnership expects to receive a deposit of a portion of an entrance fee from each Resident of Blakehurst - Phase II (the "Deposit") at the time of execution of a Residency Agreement. Attached hereto as Exhibits A and B and incorporated herein by reference are copies of the Residency Agreements which will be entered into between the Partnership and a Resident of Blakehurst - - Phase II. The Partnership will accept such Deposit in the form of a check from a Resident made payable to the Escrow Agent, and will deposit the same in an escrow account maintained by the Escrow Agent (the "Escrow Account") as soon as practicable in the ordinary course of business.


2. The Escrow Agent shall maintain each Deposit described in Section 1 of this Agreement in the name of the Resident in the Escrow Account separate and apart from any funds of the Partnership until the following events have occurred: (a) the Maryland Office on Aging issues a final certificate of registration to the Partnership for Blakehurst - Phase II; (b) construction of Blakehurst - Phase II is completed; (c) a certificate of occupancy, or its equivalent, has been issued for Blakehurst - Phase II by the appropriate local Jurisdiction and (d) the appropriate licenses or certificates have been issued for Blakehurst - Phase II by the Department of Health and Mental Hygiene or by the Maryland Office on Aging.


3. The Partnership represents to the Escrow Agent that it will furnish to each Resident of Blakehurst - Phase II, a written receipt of the Deposit made by the Resident in the form of a fully executed Residency Agreement signed by the Partnership and the Resident.


4. The Escrow Agent agrees to the following: (a) upon request of the Partnership or the Maryland Office on Aging, to issue a statement indicating the status of the Escrow Account maintained by the Escrow Agent pursuant to this Escrow Agreement; (b) upon request of a Resident, to issue a statement indicating the status of such Resident's balance in the Escrow Account maintained by the Escrow Agent pursuant to this Escrow Agreement; and (c) to furnish the Partnership with a monthly statement indicating the amount of any disbursements from or deposits to the Escrow Account during the monthly period covered by the statement.


5. If the Escrow Agent receives written notice from the Partnership of an election by the Resident to rescind his or her obligations under the Residency Agreement, the Escrow Agent shall return such Deposit directly to the Resident in the amount specified by the Partnership and in accordance with the Partnership's written instruction. The Escrow Agent shall rely solely on such instruction and shall not be responsible for verifying its correctness.


6. If the Resident does not
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